Players are refusing to panic over troubled York Wasps' latest financial worries.

The club's decision to enter into a Company Voluntary Arrangement, if accepted by the creditors, would mean the players having their contracts renegotiated.

The alternative prospect if it is not accepted is that the club will likely fold.

But half-back Paddy Handley, who joined York during the close season from Featherstone, is confident the future will be bright.

"I've been in a similar position at Featherstone, where money's been tight and it turned out all right. They're telling us it's going to work out oakay so I have every faith that it is," said the 25-year-old, who turned down a new contract with Featherstone to join his home-town club.

"The general mood seems to be okay. At the end of the day I'm not 100 per cent sure what's going on so I'm taking Lee Crooks and Ann Garvey's word it will be okay. That's good enough for me."

Despite a heavy 48-14 defeat at home to Keighley Cougars yesterday, Handley insisted the latest off-field developments had not affected the performance.

He said: "Out of the three games we've played everyone's saying how good our team spirit and commitment is. That counts for a lot but if you keep making basic errors at crucial times when you're playing against these kind of teams you'll get punished.

Wasps' coach Crooks was pleased with the way his side have coped with the CVA issue.

He said: "The players are very positive. They've showed an extremely professional attitude to everything that's gone on. You can only give them credit for that.

"The players will get paid today and they'll get paid in January. When we know where we are with the CVA we'll sit down and talk about what affect that will have."

The Wasps were 30-0 down by half-time before showing their renowned battling spirit to salvage some pride.

Crooks said: "I don't think our first-half performance had anything to do with what's gone on. We showed Keighley too much respect.

"We were guilty of making silly errors. They're a good side and very clinical - we have to learn not to hand opportunities to good sides."

Looking ahead to their next match at home to Hunslet Hawks on Boxing Day, Handley added: "Lee Crooks was being realistic and said by the new year we needed to be off the zero mark. We've left it to the last game - the pressure's on."